Bradford Plaza Stillwater, OK

In late 2010, Morris Capital Partners identified an opportunity in Stillwater, Oklahoma, a very supply constrained market. The property was in receivership and was being marketed by Cushman & Wakefield. Due to our longstanding relationship with not only the broker, but the receiver, we were able to win a competitive bid process with 15 competitors by using our strong equity relationship to go firm in 2 days and be in a position to close within 5 days.

Benefits:

Supply constrained market with several existing voids

Strong retailer line up with strong sales and low health ratios

Costs basis is well below market

100% occupancy

Directly across from Oklahoma State University and its 22,000 students

In addition to our re-merchandising exercise, we partnered with the City of Stillwater and obtained a public subsidy in the form of a TIF (Tax Increment Financing), which aligned our interests.